Jackson’s Neverland in Trouble

Michael Jackson would have to let go of his famous Neverland ranch, if the pop star fails to clear a hefty debt amounting to $25 million. If the singer fails to do so, his ranch spread on 2,800-acres in Santa Barbara County, will be foreclosed and auctioned next month.

Legal documents have been filed with the Santa Barbara County Recorder's office demanding the huge sum of money that Jackson owes on the sprawling California property.

A Santa Barbara official said, If Mr. Jackson does not pay more than three months' arrears on the property it will go to auction on 19 March.

“You are in default of a deed of trust .... Unless you take action to protect your property it may be sold at a public sale,” read the documents filed by Financial Title Co. on Tuesday.

The news that the singer’s property was set for auction was confirmed by Julie Wagner, a manager at the San Francisco-based company.

The auction will include the house and everything on the estate including "all ferris wheels, carousels, merry-go-round type devices... and all amusement ride equipment and facilities of every kind or nature,” according to court papers.

Neverland, named after a magical island in J. M. Barrie’s Peter Pan stories, where children never grow up, was bought by Jackson in 1987 with an intention of creating a fantasy land for children.

On the property, Jackson built a zoo and amusement park, with merry-go-round and other carnival rides, and also erected statues of Peter Pan characters.

The singer has not lived at the property after he was freed of child molestation charges in 2005. The ranch has since, been in trouble as the singer failed to pay his employees or maintain proper insurance, which provoked orders from the state authorities for the place to be closed down.

The struggling singer is now trying to bounce back into the music industry, which he once ruled. Earlier this month, Sony-BMG released a special extended edition of the historical 1982 album ‘Thriller,’ which reportedly sold 166,000 copies during its first week.